Typically shaped short run production function

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Reference no: EM13997119

Assume only one variable input, which is labor (L). Which one of the following is FALSE for a typically shaped short run production function? (TP=total product of labor, AP=average product of labor, MP=marginal product of labor.)

A. The law of diminishing marginal returns implies that the TP curve must eventually fall.

B. The law of diminishing marginal returns implies that at some point AP > MP.

C. If AP is at its maximum value then AP = MP.

D. At the moment when the TP curve starts to increase at a decreasing rate, then MP has reached its maximum value and will start to fall.

E. The MP curve is never above the TP curve.

Reference no: EM13997119

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